Local interior fit-out specialist Serrano launches IPO at 23 cents apiece

SINGAPORE - Serrano, a local interior fit-out specialist, is seeking a catalist listing on the Singapore Exchange.

The company launched its initial public offering (IPO) on Wednesday with the issue priced at 23 cents per share.

It expects to raise net proceeds of about $3.6 million through the sale of 30 million shares, according to the prospectus lodged with the Monetary Authority of Singapore on Wednesday.

Serrano provides interior fit-out solutions for property development and refurbishment projects in Singapore and the region.

It has completed more than 80 interior fit-out projects across residential, hospitality, retail and commercial sectors, with a focus on mid-to-high-end private residential developments.

There are 28.5 million placement shares, with 1.5 million shares available to the public.

Based on total issued and paid-up share capital of about 150 million shares immediately after the IPO, and at 23 cents per share, it will have a market capitalisation of about $34.5 million.

The company plans to use the IPO's net proceeds in various ways. About $1 million will be used to increase market entry overseas, $1 million for investments and $1.6 million for general working capital.

The public offer opened today and closes at noon on Oct 23. Trading is expected to commence on Oct 28 at 9am.